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Industry funds-backed IFM Investors has taken a lashing from the Assistant Minister for Financial Services, Senator Jane Hume, over its payment of $12.7 million bonus to a director.
The Financial Services Council has canvassed the imposition of capital requirements on advice licensees as part of any compensation scheme of last resort at the same time as arguing that other sectors should not have to cross-subsidise advice or other sectors most exposed to claims.
Superannuation funds have identified the manner which Government policy changes and increased regulation is pushing the cost of advice beyond the means of many low-income earners struggling to unravel the complexity of Australia’s retirement income system.
AMP Capital was a major bright spot for AMP as the company confirmed the exit of 440 advisers, an impairment bill of $2.35 billion and challenging times ahead when reporting its full-year results today.
The benefits of comprehensive financial advice significantly outweigh those delivered by intra-fund advice and this should be recognised within the Retirement Income System, according to the Financial Planning Association.
